Renters Coverage Basics

 

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Types of common coverage:

  • Your Possessions

  • Liability Claims
  • Valuables

 

                  Renters insurance is also called home and contents insurance because it covers your belongings from theft and damage. It provides liability coverage if someone is injured while in your apartment. Part of that liability coverage is to pay the injured person's medical bills. It can also pay for any lawyer fees and settlements. Most Renters insurance policies will pay for the loss of use of your apartment, meaning you can receive payment to stay in a hotel or other place if your apartment is damaged by a fire, storm or other covered event. It covers your belongings while off premises, which means your belongings are covered while you are traveling or if you leave them in your car. 


Terms and Concepts

*Valuables- Many people make the mistake of underestimating the contents of their home, but the value of your apparel, small appliances, electronics, furniture, and personal items can really add up. Taking an inventory of your personal property can help you determine how much coverage you want to purchase.

*Liability Claims- Renters insurance can help you protect your assets in the case of a guest or visitor in your home is injured as a result of your negligence and brings a liability claim against you, or sues you. When considering the amount of Liability insurance coverage you want to purchase, keep in mind the value of your assets.

*Valuables- Coverage is available for your valuables up to the limits stated in your policy.